Tax Credit for Your Kids

Now is the time of year that parents realize that they can get back that money spent
on the cildren's dance lessons, baseball uniforms, hockey gear, soccer camp, summer camp...and on and on.

Ok so you can't really get THAT money back, however as long as your child fits this profile:

First, each youngster has to be a "qualifying" child. This filing season, the Internal Revenue Service is utilizing a new uniform definition of a child in connection with various tax credits. To qualify for the child tax credit, the youngster must fulfill several requirements.

To qualify, the child must be:

Younger than 17 at the end of the tax year.

Your child or sibling (either full or step) or a descendent of one of these relatives. The child can be yours by birth, adoption, or because he or she was placed in your foster care by a court or authorized agency.

A U.S. citizen or resident.

The child also had to have lived in your home for more than half the year and not have contributed more than half of his or her own support during that year.

If you meet these criteria, then you may be eligible (dependant on your total income) for a $1000 per child tax credit. Furthermore, the IRS is still offering the additional tax credit, which can be used to reduce your tax owed, and if the total credit is more than the amount owed the balance can be taken as a refund.

If this is all too confusing for you, but you are determined to crunch those numbers by yourself, then try TaxBrain,and get your refund in 24 hours. TaxBrain Online Tax Service